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Transaction Capital CEO David Hurwitz is bullish on the firm’s acquisition in Australia, its first outside SA. After announcing more than two years ago that it had a R1bn war chest, Hurwitz pleased shareholders on Tuesday with news that it had deployed R500m on three acquisitions, one in Australia and the others in SA. "We are encouraged that management have deployed excess capital and expect this will result in an improved return on equity, which has recently been low as a result of a lazy balance sheet," said Bjorn Zietsman, a portfolio manager at CoroCapital. "We expect the return on equity to trend north of 20% over the next 18 months, which should prompt a rerating in the share price," said Liam Hechter, an analyst at Anchor Capital. On Tuesday, the share ended 3.14% ahead of its Monday close, as the specialist financial services business posted a 17% increase in headline earnings to R458m for the year to September over the previous period. Earnings were in line with expectatio...

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